Current Trend of Ottawa Condos for Sale

Current Trend of Ottawa Condos for Sale

Condo Sales in Ottawa have been showing differing demand rates over the years. Real estate developers have indicated both a drop and a rise depending on the supply and demand for Ottawa Condos for sale. Currently, Condominiums in Ottawa are taking a positive turn once again in terms of sales.

As of the year 2014 October, the market noted an increase in the sales of Condos in Ottawa as compared to the previous month. Looking at the trend over the previous few months, this trend has been strong. The market has been promising and it seems to be getting better. However, there is a worry that the Condos in Ottawa may be approaching a saturation point. According to some experts’ point of view, this may be as a result of the newly listed condos saturating the market. This may slow down condo sales as the market is surpassing its supply.

In reference to Commercial Condo for Sale Ottawa which is a keen sector for many investors, the trend is behaving much like the residential condos for sale. Without considering the available Ottawa Condos for Rent, buying a condo is a more appealing factor for many condo seekers.

One factor that is behind the sales of condos is low interest rates. This has allowed many individuals who are seeking to be home owners to get loans that are sufficient at low rates to purchase a condo. Lenders are willing to fund for these projects. In reference to lending, real estate developers are also able to fund projects as they receive low interest pay rates. The newly built condos are also more affordable. The rates are attractive to many potential home owners.

Another factor affecting Condo Sales in Ottawa is the supply feature. Whereas Condos in Ottawa were low few years back and demand went off the roofs, the trend currently is taking a different turn. The supply has gradually increased and is providing potential condo owners with diverse options to choose from.

Depending on the location of the condo, you will notice differing condo sales trends in Ottawa. Where supply is surpassing the demand, the prices are dropping though slightly. In addition, this trend is right about the same where the condos and their environments are not taken care of appropriately. This is because their value drops easily. In areas where the condos are maintained well, the prices are still showing a steady upward trend and maintaining their value.

You will also notice that the numbers of unsold Condos in Ottawa that are awaiting sales are increasing. There are more listings everyday on sites such as Condo613.ca for you to peruse before making the option to buy. More individuals are taking time to research and buy as opposed to when they were being introduced where competition to buy was intense. Whereas there was an initial booming increase in sales of condos in Ottawa, real estate developers are building too fast and diluting the market. Projections are indicating a slight drop in sales but over a short period of time.

Contact Peter Sagos for more details at 613.276.0059 or peter@condo613.ca